A BUSINESS whizz bravely turned down two of TV’s fiercest entrepreneurial Dragons as he had his eyes set firmly on the prize.
And his gamble paid off – as Dhruvin Patel secured private investment worth 1,000 per cent more, and his tech firm is now worth a whopping £6million.
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The 29-year-old launched Ocushield while at university in 2015 to combat the effects of harmful blue light emitted from the devices we use every day.
His medically rated screen protector – the first of its kind in the world – fits smartphones, tablets and computer screens to prevent headaches, blurred vision, fatigue and dry eyes.
Last year, he and business partner Asad Hamir, 37, impressed on BBC‘s Dragons’ Den and secured £75,000 worth of investment from money-makers Peter Jones and Tej Lalvani for a combined 15 per cent of the business.
But during the six-month period after filming and before agreements could be signed, the business exploded with a further £750,000 in sales.
The Dragons failed to negotiate a new investment reflecting the increased value of the company, so Dhruvin boldly walked away.
And he’s had the last laugh, as the business is now worth around £6million – and growing.
Optometrist Dhruvin said: “After appearing on the show, our brand and revenue went up and up.
“We realised we were giving Peter and Tej too much of a good deal, but the Dragons couldn’t negotiate outside of the Den to make the deal more palatable.
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“The business had growth five times in the period of negotiations, so for us as a business, we had to say no.
“While it was a shame we couldn’t have them involved, we’re sure Tej and Peter would have made the same savvy moves in our positions as budding business titans, so there’s definitely no hard feelings.”
Dhruvin and Asad have since secured £910,000 in funding from elsewhere after demand for Ocushield products soared during the pandemic as screen time shot up.
“We raised 12 times the amount (compared to £75,000) and gave less away that we would have with the deal with the BBC’s Dragons’ at 13 per cent compared to 15 in the Den,” Dhruvin said.
“By securing investment like we have now, it means we can further support eyes to thrive.”
He counts ex-Premier League defender Scott Dann and former Irish Olympic cyclist Dan Martin among his investors.
Other high profile names include ex-Balenciaga and Gucci Group leader James McArthur and businessman Jason Ellis, president at retailer GameStop.
Dhruvin said: “The business experience, network and skills of these business leaders have meant that actually we have our own Dragons on board who could add immense value without them having to sit on the BBC TV show.”
Ocushield’s technology – from screen protectors to bedside lamps, and even glasses – blocks up to 90 per cent of blue light wavelengths.
The company donates £1 from every web purchase to Guide Dogs UK.
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